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Stan Perron’s investment flagship, one of the country’s biggest privately owned shopping centre landlords, is still a believer in bricks and mortar. New regulatory filings show Perron

Investments lifted net profit a modest 5 per cent to $256.2 million in the year to June 30 as its revenues gained 8.5 per cent to $554.9 million. Rental fees drawn from the group’s 12

shopping centres accounted for half of that, up 10 per cent to $274 million. Chief executive Ross Robertson said while the internet still accounted for a relatively small percentage of

Australia’s retail sales, the mix of tenants at shopping centres was changing with more food offerings and even the addition of medical services including dentists and doctors. “With

shopping centres, you have to make sure you have a tenancy mix that is going to bring customers to you,” Mr Robertson said yesterday. “We’re still very much a believer in bricks and mortar

shopping centres as an investment.” The group’s residential land development business had a tougher year given the soft WA market, but income from its Pilbara iron ore royalty gained 27 per

cent to $33.7 million on improved prices for the steel-making ingredient. The accounts also included $193.6 million in proceeds from Perron Investments’ sale of Campbelltown Mall in western

Sydney, which was offset by $362 million in acquisitions. The latter were topped by December’s purchase of 50 per cent of Westfield Woden in Canberra for $335 million. GET THE LATEST NEWS

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